No Sign of a Saturated Rental Market in Norwalk

Editor's note: This announcement, which focuses on Summerview Square apartments, was posted by a reader:

As the 20 and 30-something millennial and downsizing baby boomer continue to seek flexible housing in urban environments, builders are more than happy to oblige.

In Norwalk, over 1,200 apartments are completed or in various stages of planning or construction, and there is no sign of a saturated market. In fact, the apartment share of housing construction is at a 40 year high.

An improving employment market is encouraging younger Americans to go out on their own, but tighter lending standards make it more difficult to buy.

There is only one apartment available in the last phase of Summerview Square, a unique townhouse style rental community on Norwalk’s north side. Summerview Development Group built the community in an existing neighborhood of turn of the century two family homes off West Main Street.

The front porches and attached garages are popular with every market segment from Gen Y singles, divorcees and couples without children, to young families, empty nesters and retirees.

Many of the young execs leasing at Summerview are still burdened with student debt, and don’t want the expense or long term commitment of owning a home. Their baby boomer neighbors are attracted to the simpler, no strings attached lifestyle of rental housing in a neighborhood within walking distance of shops and restaurants.

Word spreads fast, and Willaim Pitt Sotheby’s leasing agent, Michael Church, has been re-leasing existing townhouse apartments at Summerview as soon as they become available.

Merritt on the River South is a 132-unit rental community planned by BLT on Glover Avenue, and the first phase of Waypointe is well underway. This 460-apartment complex with 60,000 square feet of retail and a restaurant on West Avenue is being developed by Greenwich-based Belpointe Capital, and should be completed in 2015.

Belpointe just received city approval for an additional 127 apartments and plans to submit a proposal for 69 more units soon. Plans eventually call for a total of 90,000 square feet of retail and restaurant space.

According to the Connecticut Department of Economic and Community Development, building permits in the state during the first three months of this year, were up almost 22 percent over the same period last year. Much of this new construction is rental.